Closed today on my 4th deal for $3K profit, no money out of my pocket! Details: DOM 383 when I found it on MLS after price reduction to like $47K from around $65K; initial offer was $25,900 and held to that to $39 or $42K then $30. I then countered $28K (listening to that quiet voice that for me is the Lord). To my realtor's amazement more than mine it was accepted! Then I emailed to a buyer and he was interested; it was a process but I learned a lot as well as the realtors. I was successful in the assignment for $3,000.00 profit. Oh goodness I didn't give the property details: it's an up/down duplex 2 BR 1 BA. 1 occupied at $420 and the other upper unit vacant for a year and was $375 I think. Vacant unit mostly requires updating, bathroom was good though!

It's official, #2 is in the bag. I paid cash for this baby myself; after taxes came out I had to come up with $37,000. It needs very little work, and I could flip or rent very fast. But, it's a cute little thing that should bring in $900 or so for rent.

***new note 11/11/11 We made the paper today for deal #2! Check out the link in our 11/11/11 post!***

The Tale of 2 Closings----

Closing #1: 46 units, combination of apartments, townhomes, & Duplexes. $500 Earnest Money. PP $1.25 million. Seller carries back $250,000 down payment plus an extra $50K (we got back in form of bank check at closing). Bank finances remainder at 5.75%. Closing costs offset by tax credit. We also got security deposit check of $14K. This was a great landlord, no deferred maintenance, turnkey properties. Cash Flow $5K/month immediately. Easy to raise rents- landlord hadn't ever raised rents more than $10-20. Cashflow potential $8K/month.

You know how short sales are never "short"? This one was no exception. I put an offer on this townhouse over a year ago for $110k. With other offers around $130k, $125k, the bank didn't do a thing. So it has been sitting empty for about a year and the house was going to foreclose. I heard about it and contacted the listing agent that I worked with before. She told me the bank had forgotten about this house and were ready to move. I renewed my offer of $110k cash and within a week obtained approval from the bank. We closed the following week.

Just signed documents for House #2 in Ohio on Thursday!

It's a 3bed/1bath; paid $17,000, FMV is $55,000; needs about $3,000 in repairs.
Paid half with a credit card with no interest for 12 months, and the rest with a private money loan. Once it's rehabbed, I will refinance and pay off loans.

I actually flew in to Ohio to sign and to meet my agent in person! She is great! and actually has House #3 in sight for me!!

Learning and progressing every day,
Valerie